CP22/09: Expansion of the Dormant Assets scheme

Consultation opened
Consultation closed

We are consulting on changes to the FCA handbook to reflect the expansion of the Dormant Assets Scheme.

Read CP22/09

Why we are consulting 

The Dormant Assets Scheme (DAS) allows banks and building societies to pay dormant monies to an authorised reclaim fund which then puts this money towards funding good causes. We have been working closely with HM Government and Reclaim Fund Limited (RFL) to expand the scheme. We are now proposing amendments to our rules and guidance to enable insurance, pension and securities firms to contribute dormant assets to an expanded scheme.   

Who this applies to 

Reclaim Fund Limited (RFL) and providers of insurance and pensions products should read this consultation. Other stakeholders interested in the treatment of dormant assets, for example consumer organisations, may also want to read the consultation.  


In 2016, the Government established the Independent Commission on Dormant Assets to examine what new assets could be brought into an expanded Dormant Asset Scheme. The Commission identified dormant assets in a range of financial services sectors that could be included in an expanded DAS.

In February 2022, the Dormant Assets Act 2022 received Royal Assent. The Act amends the Dormant Bank and Building Society Accounts Act 2008 to expand the scope of dormant assets that can be contributed to the DAS. The new assets in scope of the expanded scheme fall under five asset classes: 

  • insurance 
  • pensions 
  • securities 
  • investment assets  
  • client money 

Next steps

This consultation has now closed. Our final rules on facilitating the first phase of expansion (for insurance, pensions and securities assets) were published in Handbook Notice 101 and are effective from 1 August 2022.

We agreed with the Government and RFL that expansion will be phased. This is to reflect the differences between the different asset classes and their resolution processes. We will therefore consult again on asset classes not covered in this consultation.